Which of the following is true regarding Managements Discussion and Analysis (MD&A)? Multiple Choice MD&A should provide an objective analysis of the financial activities based on currently known facts, decisions, or conditions. MD&A should disclose total assets and liabilities for all substantial component units. Management should provide a cash flow projection for at least three consecutive fiscal years in MD&A. MD&A is optional for city governments. MD&A is the final element of the introductory section of the comprehensive annual financial report (CAFR).